- The crypto market has found stability recently
- Cardano has seen a 32% increase in the past ten days
- Stellar Lumen’s fight against the coronavirus has aided its cause
Cryptocurrency News Today – at press time today, the digital asset market already found some form of stability after several days of recurrent growth and consolidation phases. While, Bitcoin, the world’s largest digital currency by market cap, strengthened its position after moving over the $7k mark.
Even the bulk of the other cryptos in the market, took Bitcoin’s lead as well, as they continued to post fresh gains. The analysis today focuses on the progress of Cardano and Stellar Lumens.
It has been a successful last few days for Cardano. This has been a week when IOHK’s Charles Hoskinson revealed Cardano’s launch of the Byron Reboot. The Byron Reboot is an upgrade designed to enable the seamless transition to Cardano’s Shelley era. The altcoin also continued to record fresh gains.
When this content was published, ADA price has recorded a 32% growth in the last ten days. Note that the health and movement of the market contributed to Cardano’s gains. After an extended period of surges and drops, it would appear that the price of Cardano was set to stay put and consolidate its position under the major resistance area at $0.0399. The Bollinger Bands revealed this. It indicated a reduction in volatility in the digital asset market.
Meanwhile, the Chaikin Money Flow indicator has also highlighted a growing bullish pressure in the digital asset market, which at the same time presents a picture of the growth in capital inflows into ADA.
Stellar Lumens Also Posted Gains
The SDF (Stellar Development Foundation), the non-profit entity supporting the XLM token, has recently been in the news a lot this year. When you consider the fact the most recent developments that the SDF has involved in, you’ll find that the entity has issued extensive donations to fight the ongoing Coronavirus outbreak.
Regarding the issue of price performance, the value of XLM is reportedly doing better when compared to how it was in the past few weeks. At press time, the digital asset was trading at the $0.050 area. The token is still a long way from moving past its resistance point at $0.058. However, we must point out that the bulk of XLM’s growth was as a result of the coin’s April 6 price surge. The MACD pattern has continued to hover ahead of the signal line which is a confirmation of existing bullishness.